Prime Highlights:
The collaboration combines Bespin’s cloud and data engineering expertise with Altitude’s deep knowledge in banking technology and API strategies.
Open banking allows consumers to securely share financial data with third-party applications via API, driving innovation and competition in the financial services sector.
Key Background:
Bespin Global, a leading South Korean cloud consulting firm, has entered into a strategic partnership with Altitude Consulting, a New York-based open finance advisory firm, to assist U.S. banks in adopting open banking. This collaboration will leverage Bespin’s robust cloud and data engineering capabilities alongside Altitude’s expertise in banking technology and API strategies to help U.S. financial institutions navigate the complexities of open banking.
With over 1,300 cloud engineers across ten countries, Bespin Global specializes in public cloud implementations for platforms such as AWS, Google Cloud, and Azure. Altitude Consulting, on the other hand, offers targeted expertise in open banking and open finance strategy, with a team of approximately eight employees. The partnership will provide U.S. banks with the necessary tools to enhance customer engagement, drive innovation, and boost revenue streams through open banking.
Open banking enables consumers to securely share their financial data with third-party applications via API integrations, fostering competition and innovation in the financial services industry. U.S. banks with assets between $10 billion and $250 billion must comply with Section 1033 of the Dodd-Frank Act by 2027, which mandates that they provide secure and standardized access to consumer financial data.
In response to this regulatory deadline, Bespin and Altitude will launch the “1033 in 33 Days” quickstart program. This initiative will assist banks in achieving full compliance with the Consumer Financial Protection Bureau’s (CFPB) Section 1033 requirements, mitigating operational risks, and tapping into new revenue opportunities. Steven Zeller, Head of Product Strategy at Bespin Global US, highlighted, “This partnership allows us to integrate the latest in cloud, data, and AI technologies to drive growth through personalized customer experiences.”
